ArcelorMittal has had the best quarter in ten years with a large doubling of the EBITDA result. This was stated by ING on Thursday in a report after the quarterly figures of the steel giant.
The EBITDA result was 9 percent higher than the analyst consensus predicted. The net profit of $ 2.3 billion was also well above expectations. Especially Brazil, Africa and the CIS countries did better than analyst Stijn Demeester had expected from ING.
ING sees a good chance that the strong trend will accelerate in the second quarter, with higher margins on steel, and at least continue into the third quarter. Since the consensus expectation of Bloomberg still seems to be expected to weaken in the second half of the year, ING believes that this profit expectation can be increased by 10 percent after the first quarter.
ING has a buying advice on ArcelorMittal and a price target of 30.00 euro.
The share of ArcelorMittal was 1.3 percent lower at 25.58 euros on Thursday.